The Park Ridge Apartments in East Ridge and the Lakeshore Apartments in Fort Oglethorpe, Georgia, two suburban apartment villages built in the 1980s, have a new owner as outside investment firms continue to buy into the local multi-family housing market.
A suburban Nashville development company bought the rental properties last week as part of nine properties it purchased through an investment arm, Quiet Capital.
American Heritage Apartments Inc., a Wake Village, Tex.-based real estate firm, previously owned the apartments for the past 15 years. The Park Ridge Apartment sale was valued at $9.2 million, according to property records filed with the Hamilton County Register of Deeds.
“We look forward to a long term hold,” said Tyler “TK” King, founder and co-CEO of the Brentwood, Tennessee- based Quiet Capital, calling the acquired apartments “a great value to our current portfolio.”
As part of the ownership change, Providence Real Estate Management Co. has assumed management oversight for the Park Ridge and Lakeshore Apartments. Some of the units are being refurbished and the new owners are looking to renew rental leases with higher lease rates, in most instances, than what tenants paid in the past, officials said.